Highlights of recent SBA changes include:
Borrowers with loans of $50,000 or less
- SBA has released a simplified forgiveness application form, Form 3508S, which no longer requires you to calculate employee hours and wages for these loans.
- Under new SBA rules, reductions in an employee’s hours and/or wages will not reduce the amount of loan forgiveness for these loans.
Changes of ownership
If ownership of your business has changed since you applied for your PPP loan, please let us know by emailing us at postclosing-ppp@self-
SBA has defined “owner-employee” and has released additional guidance concerning compensation and benefits for owner-employees.
SBA has issued additional guidance clarifying forgivable Non-Payroll Costs.
For more details on these and other SBA updates, please see our PPP Forgiveness FAQ in the Tools & Resources section of our website.
Access to our online PPP Forgiveness Portal
We are continuing to provide access to our online forgiveness portal in stages based on (i) the date the loan was made and (ii) whether proposed changes in Congress are likely to impact your loan. We are learning more about SBA timing from the applications that have been processed so far, and soon we will provide those of you who have not yet received your access link to our portal with an estimated schedule of when you should receive it.
All PPP borrowers should apply for forgiveness within ten months from the end of your covered period, and we will make sure we grant you access to the portal well within that timeline. Regardless of the deferral period set forth in your PPP Note, you are not required to make any payment on your PPP loan until your forgiveness amount has been determined (provided you submit your completed forgiveness application within that ten-month timeframe). When access is available for your loan, you will receive an email from notifications@venturesgo.
If you received an SBA Economic Injury Disaster Loan (EIDL) Advance, we continue to recommend waiting to apply for forgiveness. Under current law, your forgiveness amount will be reduced by the amount of your EIDL Advance. Congress continues to review this issue.
Please feel free to reach out to us at postclosing-ppp@self-
Your PPP Forgiveness Team